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How Much Should You Be Spending On Business Training?

How Much Should You Spend On Training?

Definition: Typically companies spend 2.5% of their salary costs on training.

 

How much you should spend on training your staff can be determined by finding a benchmark for how much businesses in your industry are actually spending.  Look to validate key measures such as "Money spent on training per head" and "Money spent on investing in specific tools and platforms to support learning". 

How much you spend on training your staff is not only governed by training budgets or the UK online courses you choose but also the industry you are in, how competitive that industry is, and how quickly your team’s skills are becoming obsolete.

In certain industries, for instance, technologies and regulations are constantly changing, so those might require a unique range of online business courses and training budgets.

Here’s how you can determine how much to spend on staff training online business courses:

 

Determine a benchmark for how much businesses are spending

It’s not only important to research and determine training budgets of other businesses in your industry but also how they are allocating those costs – along with the results they are getting.

For instance, the key elements of your business training and training budget would look like this:

  • Money to be spent on training per head
  • Money to be spent on investing in specific tools and platforms to support learning
  • Money to be spent on evergreen/timeless training content, and;
  • Money to be spent on adhoc training events

 

Find ways of saving money on training and make the most of it

If you’re using some form of internal monitoring system to track your employees’ progress, then you’ve already found a great way to save money on training.

By tracking your team’s performance, you can immediately cut back losses by switching to another training program, in case the current training courses are not proving to be beneficial or adding significantly to your business bottom line.

Monitoring and tracking each employees’ performance also allows you to request changes to be made to the online courses, if at all, so that each team member can reap more benefit from the training.

Another great way to save some of your training budget is to provide job shadowing opportunities. This is particularly a smart way of going about it if you discover that the online courses UK you are planning to have your employees sign up for are not in line with your vision or simply out of your budget.

Shadowing, in many cases, gives employees an insightful and hands-on chance to pick up skills quickly and start applying them to their respective roles.

 

It’s not always about how much you spend

It’s not necessarily about how much money you’re pooling into training courses for your employees. More money does not automatically guarantee better results. Rather, it’s about how relevant and effective that training is to your employees’ roles and the business bottom line.

No matter how you look at it, if you’re not spending enough on staff training courses, you might find yourself on the receiving end, because you’re business’s knowledge base and competitive edge will eventually get blurred along the lines.

Knowing when and how much to spend on business training and online business courses is critical to the development, retention and productivity of your staff. Not only that, it is also critical to your bottom line.

Rely on these three key ways to determine your training budgets and invest in the right online courses  – then you'll be on your way to having a more skilled and better equipped team.

 

 

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